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Cryptonomy Loan General Terms and Conditions

  1. LOAN DEFINITIONS

    “Loan” means a principal amount of funds, backed up by the Borrower with a crypto/fiat Collateral, issued by the Lender to the Borrower of the Platform and subject to repayment by the Borrower pursuant to the terms of the applicable Loan Agreement.

    “Instant Loan” means a Loan made to the Borrower from funds we hold in deposit from users of the Interest Account.

    “Borrower” stands for a person/legal entity verified as a user on the Platform who has entered into a Loan Agreement as a Borrower.

    “Lender” stands for a person/legal entity who has entered into a Loan Agreement as a Lender.

    “Lending Market” means that section of the Platform where You, acting either as a Lender or a Borrower, may post Your Loan Offers and Loan Requests accordingly.

    “Loan Agreement” is a separate agreement entered into between the Borrower and the Lender on the Platform according to the Platform’s Terms and Conditions.

    “Loan Amount” shall be deemed a principal value of this Loan made available to the Borrower pursuant to a Loan Agreement.

    “Loan-to-Value” (hereinafter “LTV”) shall mean the ratio of the Loan to the value of the Collateral.

    “Loan Default” occurs when a Borrower fails to pay back a Loan or otherwise breaches the terms of the applicable Loan Agreement.

  2. TERM OF YOUR LOAN AGREEMENT
    1. For this Agreement’s purposes, a financial year shall make 360 days and a financial month shall make 30 days.
    2. Your minimum and maximum Loan term limits shall be available to You on the Platform after logging into a relative section.
    3. We reserve the right to change the term limits mentioned herein at any time at our sole discretion.
  3. LOAN PROCEDURES
    1. Following Your verification on the Platform, if sufficient funds are available in Your Account you may submit an application to become a Lender, You will be notified by us once we have made a decision regarding your eligibility to become a Lender.
    2. To place either Loan offer or Loan request You must make an appropriate application through the Cryptonomy Platform, filling out the provided form and listing the required information, including:
      • Loan Amount;
      • Loan currency;
      • term of the Loan;
      • desired Collateral at LTV ratio;
      • additional optional parameters provided by the Loan Agreement form.

      All the above-mentioned parameters are subject to change without any prior notice to You at our sole discretion.

    3. If You wish to get a Loan, You may either use an Instant Loan option, choose from the Loan offers a Loan offer that matches Your needs or make Your own Loan request at the Lending Market.
    4. While choosing the Instant Loan option, Your Instant Loan shall be tailored to Your personal parameters automatically. Generally, we confirm Your Instant Loan request automatically or it may take in some special cases up to 24 (twenty-four) hours.
    5. Upon the registration of a Loan offer, You as a Lender search through the Lending Market offers and enter into Loan Agreements as a Lender upon Your own discretion but following the current Terms.
    6. If You wish to act as a Borrower You must provide the necessary amount of funds to be used as Collateral. You shall acknowledge that You shall not borrow funds in the amount that exceeds LTV of the funds You have provided for the Collateral purposes.
  4. LOAN COLLATERAL
    1. Virtual currencies may be used as Collateral for the Loans issued in Fiat Currencies and Stablecoins. Fiat currencies and Stablecoins may be backed by Virtual Currencies, Cryptoassets may be backed by Fiat Currencies and vice versa. Cryptoassets may be backed by other Cryptoassets as well.
    2. The list of funds that are usable for the Collateral is available in the Platform at the relative section after logging in.
    3. The minimum Loan Amount, Loan currency and Collateral values shall be available to You after logging to the Platform in the relative section. We are entitled to change these parameters at any time at our sole discretion.
    4. You may add funds by transferring them to Your Account to change your LTV at any time.
    5. While acting as a Borrower You are obligated to review the virtual currency exchange rates to maintain the sufficient LTV ratio and act accordingly should the collateral value drops, increasing the LTV.
    6. The minimal amount of the Collateral shall be calculated on the basis of the LTV ratio. In any event, the Loan Amount shall not exceed the percentage of the Collateral as defined on the Platform`s LTV section. We are entitled to change this rate at any time without any prior notification to You but publishing this information on the Platform.
    7. You shall add funds into Your Account to increase the Collateral amount for the purpose of Your relevant Loan Agreement in case LTV increases beyond the value necessary to maintain the Loan in good standing.
  5. LIQUIDATION
    1. Should the Collateral value drop below the limit set by us, we generally notify the Borrower, who will be obligated to remedy the situation according to the signed Loan Agreement.
    2. Should You as the Borrower fail to remedy the situation, we are entitled to convert Your Collateral to the currency of the Loan Agreement, repaying the Loan Amount and interest to the Lender, retaining its own conversion commission in the amount as it is defined here and returning the remaining funds, if any, to the Borrower.
    3. Collateral liquidation shall be done in the event of the Loan Default at the fees stipulated here. In such an event, the Collateral shall be automatically sold and the funds received for the sold Collateral shall be transferred to the Lender with the deduction of our liquidation fees.

WE RESERVE THE RIGHT TO AMEND THE LIST OF THE PROPOSED SERVICES AND PROVIDE OTHER SERVICES ACCOMPANYING THE SERVICES MENTIONED HEREIN.

If there are any questions regarding these Terms You may contact us using the following email: support@cryptonomy.finance